at the moment we will have a fairly modest amount of deficit reduction. maybe even none at all. mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of a several-chapter book here because now we're going to have to deal with the debt ceiling fight and republicans have been calculating that they want to extract some concessions from the white house on that. that can't be considered separate from what we're talking about today. of course, we have to do the sequestration and what will happen with those cuts. so it's too early to tell who wins, who loses. i'll add to ezra, the big losers i guess are us, and me in particular standing out here in the cold on new year's eve over a manufactured crisis. >> there are a lot of us who did not expect to be here a